IRA Advice

Discussion in 'Off-Topic' started by SCNCY, Jun 13, 2014.

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What IRA Brokerage firm do you use?

  1. Scottrade

    3 vote(s)
    7.7%
  2. Fiedelity

    4 vote(s)
    10.3%
  3. Charles Schwab

    3 vote(s)
    7.7%
  4. Vanguard

    21 vote(s)
    53.8%
  5. E-trade

    1 vote(s)
    2.6%
  6. Other

    7 vote(s)
    17.9%
  1. SCNCY

    SCNCY Active Member

    Sep 11, 2009
    1,755
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    La Fox, IL
    I am planning on opening a Roth IRA here in a couple of days and I would like to know what some people think as far as companies to do this. I currently have a brokerage account through Scottrade, but would be willing to give this up if there is something out there better. I am looking for a company that offers me a wide range of ETF's and Mutual Funds along with stocks, bonds, and other types of investments if I choose. Of course, I want low fees. Please let me know what kind of services you all use.

    As far as a Traditional vs. Roth, I am 26, so a Roth will benefit me.

    Thanks!
     
  2. CarlHungus

    CarlHungus Well-Known Member

    Feb 19, 2012
    6,727
    105
    63
    Ankeny
  3. ISUCyclones2015

    ISUCyclones2015 Well-Known Member

    Dec 20, 2010
    7,594
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    Mine is through Charles Schwab.

    No account fees if you have a minimum account balance of $1000 or $100 deposit a month

    $8.95 trades.

    Love the Schwab
     
  4. ISUCyclones2015

    ISUCyclones2015 Well-Known Member

    Dec 20, 2010
    7,594
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    63
  5. CarlHungus

    CarlHungus Well-Known Member

    Feb 19, 2012
    6,727
    105
    63
    Ankeny
    #5 CarlHungus, Jun 13, 2014
    Last edited: Jun 13, 2014
    I think it's like 1/10 of a percent or something like that. They have the lowest fees out of everyone though

    Edit: 0.21% or 0.22%
     
  6. ianoconnor

    ianoconnor Well-Known Member

    Nov 12, 2007
    8,397
    244
    63
    Acquisition Analyst
    Urbandale
    Vanguard is the best.
     
  7. cowgirl836

    cowgirl836 Well-Known Member

    Sep 3, 2009
    27,397
    270
    83

    If Warren Buffet recommends it, that's pretty good to me.
     
  8. LostinIowaCity

    Jan 15, 2011
    365
    10
    18
    Male
    Ames, IA
    If you're going to use Vanguard funds, use Vanguard. I'm a believer in their stuff and use them. It sounds like you might be in the "I can beat the market by choosing the right funds" group. Good luck and godspeed.
     
  9. MaccloNe

    MaccloNe Well-Known Member

    Sep 21, 2011
    3,372
    59
    48
    IT
    I use Ameritrade. 9.99 trades after the free ones and no fees.
     
  10. khardbored

    khardbored Active Member

    Oct 21, 2012
    2,705
    17
    38
    Middle of the Midwest
    I have a brokerage account thru Wells Fargo. If you have a "total relationship" (checking, savings, investments, debt) of $25,000 or more you have zero fees and 100 free trades per year. Would not be appropriate for everyone, but works for me.
     
  11. dmclone

    dmclone Well-Known Member

    Oct 20, 2006
    15,583
    374
    83
    50131
    TD Ameritrade
     
  12. pulse

    pulse Well-Known Member

    Mar 24, 2006
    5,887
    126
    63
    I have an Ameritrade and Fidelity account. I don't think Fidelity has a huge range of funds, but their app is nice. :spinny:
    Fidelity has a nice site for research and reporting. Ameritrade seems to have more indepth analysis tools. They both serve their purpose well enough. Fees are low.
     
  13. kilgore_trout

    kilgore_trout Well-Known Member

    Nov 10, 2006
    2,190
    101
    63
    Madison, WI
    Scottrade strung me along for years promising free dividend reinvesting on stocks. They implemented something akin to it recently but screw them. Happy with Schwab. Lower fees for some of their ETF's than Vanguard (see SCHB, for example).
     
  14. Dopey

    Dopey Well-Known Member

    Nov 2, 2009
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    Don't understand why you'd go with a TD Ameritrade, Scottrade, etc. and get charged $10/trade. I invest in my Roth IRA twice a month. That's $20/month just to invest, not to mention the front end loads and high expense ratios on some funds.

    Vanguard has no fees to trade and offers their own funds with no front end loads and the lowest expense ratios on the market. Compound that savings into your retirement account for 35 years and the difference can be in the magnitude of $500,000 savings.
     
  15. dmclone

    dmclone Well-Known Member

    Oct 20, 2006
    15,583
    374
    83
    50131

    Places like TD Ameritrade also have no fee mutual funds available if that's what you're looking to buy.
     
  16. Dopey

    Dopey Well-Known Member

    Nov 2, 2009
    1,416
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    What does "no fee" mean?

    Does it mean no front end load (No 5.75% charge to the mutual fund company)?

    Or does it mean no $7.99 (or whatever) trading fee to TD Ameritrade?
     
  17. dmclone

    dmclone Well-Known Member

    Oct 20, 2006
    15,583
    374
    83
    50131
  18. dmclone

    dmclone Well-Known Member

    Oct 20, 2006
    15,583
    374
    83
    50131
    In addition, I probably make 2 trades a year as apposed to two trades a month,
     
  19. capitalcityguy

    capitalcityguy Well-Known Member

    Jun 14, 2007
    6,318
    160
    63
    Des Moines
    #19 capitalcityguy, Jun 13, 2014
    Last edited: Jun 13, 2014
    FWIW, I'm with Scottrade and it isn't $10 a trade, it is $7.99. Note: many mutual funds and ETF's trade at no charge.

    Nothing is free in this world. I'll agree Vanguard offers great low priced mutual funds and ETF's. I've got investment in both. That said, there has to be limitations in what Vanguard offers with their brokerage services vs all the other services that charge a fee per trade. Maybe it is limitations on research available? Educational services? Can you trade individual stocks with Vanguard? I'm very pleased with Scottrade and not motivated enough to determine what the differences are at this time. Maybe someone can shed some light but I"m pretty sure it isn't an apples to apples list of services/amenities available when comparing the two.
     
  20. DMCYFAN

    DMCYFAN Member

    Nov 27, 2006
    217
    12
    18
    Been with Scottrade, never tried any others so hard to say I have a balanced comparison but I'm pretty happy. $7 trades, not as much research and recommendations as some sites (as far as I know) but I'm not really looking for that. They give you tools to compare different mutual funds so I think it's pretty easy to find what you're looking for. I just have a mix of a few different mutual funds but recently gambled and bought some Twitter when it bottomed out a month ago. Not sure if the others people were mentioning let you buy stocks as well with "no fees" but I like the set-up of Scottrade well enough to stick with it.
     

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